South Africa: Sugar Market 2024

Sugar Market Size in South Africa

In 2023, after three years of growth, there was decline in the South African sugar market, when its value decreased by X% to $X. In general, consumption showed a mild descent. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2023, consumption failed to regain momentum.

Sugar Production in South Africa

In value terms, sugar production expanded markedly to $X in 2023 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by X%. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2023, production stood at a somewhat lower figure.

The average yield of sugar in South Africa stood at less than X kg per ha in 2023, leveling off at 2022. Overall, the yield saw a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2023, approx. less than X ha of sugar were harvested in South Africa; flattening at 2022. In general, the harvested area saw a relatively flat trend pattern.

Sugar Exports

Exports from South Africa

In 2023, overseas shipments of sugar increased by X% to X tons for the first time since 2019, thus ending a three-year declining trend. Over the period under review, exports enjoyed tangible growth. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2023, the exports stood at a somewhat lower figure.

In value terms, sugar exports surged to $X in 2023. In general, exports enjoyed a temperate expansion. The growth pace was the most rapid in 2017 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2023, the exports failed to regain momentum.

Exports by Country

The UK (X tons), Spain (X tons) and Namibia (X tons) were the main destinations of sugar exports from South Africa, together accounting for X% of total exports. Singapore, the United States, Botswana, Indonesia, Malaysia, Belgium, Zimbabwe, Bulgaria, Mozambique and South Korea lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Malaysia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), Spain ($X) and Namibia ($X) were the largest markets for sugar exported from South Africa worldwide, together accounting for X% of total exports. The United States, Botswana, South Korea, Zimbabwe, Singapore, Belgium, Indonesia, Bulgaria, Malaysia and Mozambique lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, Bulgaria, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average sugar export price stood at $X per ton in 2023, growing by X% against the previous year. In general, the export price, however, recorded a slight setback. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Mozambique ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Spain (X%), while the prices for the other major destinations experienced more modest paces of growth.

Sugar Imports

Imports into South Africa

In 2023, overseas purchases of sugar increased by X% to X tons for the first time since 2017, thus ending a five-year declining trend. Overall, imports continue to indicate a mild increase. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2023, imports remained at a lower figure.

In value terms, sugar imports soared to $X in 2023. In general, imports, however, recorded a mild shrinkage. The pace of growth appeared the most rapid in 2017 when imports increased by X%. As a result, imports reached the peak of $X. From 2018 to 2023, the growth of imports remained at a lower figure.

Imports by Country

In 2023, Swaziland (X tons) constituted the largest supplier of sugar to South Africa, accounting for a X% share of total imports. Moreover, sugar imports from Swaziland exceeded the figures recorded by the second-largest supplier, Thailand (X tons), more than tenfold. India (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from Swaziland amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and India (X% per year).

In value terms, Swaziland ($X) constituted the largest supplier of sugar to South Africa, comprising X% of total imports. The second position in the ranking was taken by Thailand ($X), with a X% share of total imports. It was followed by India, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from Swaziland totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and India (X% per year).

Import Prices by Country

The average sugar import price stood at $X per ton in 2023, remaining constant against the previous year. Overall, the import price, however, recorded a noticeable downturn. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2023, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Swaziland ($X per ton), while the price for Zambia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Egypt (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform